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Published on 11/02/2019 2:59:37 PM | Source: HT Media

Responsible energy pricing need of the hour: PM Narendra Modi

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MUMBAI: Prime Minister Narendra Modi today said that there was a need to move towards responsible pricing of oil and gas to balance the interests of both the producer and the consumer. The prime minister was speaking at the 13th edition of Petrotech 2019, an international oil and gas event.

Highlighting that the world was entering an era of greater energy availability, Modi added that more than 1 billion people in the world still did not have access to electricity and more than 1 billion did not have access to clean cooking fuel.

"India has taken a lead in addressing this issue of energy access. In our success, I see hope for the world that problems of energy availability can be suitable addressed," said Modi.

Energy justice for India is also a key objective and priority for the government, Modi said and added that the government had developed and implemented policies whose results were evident.

Modi said India's ‘Ease of Getting Electricity’ ranking in an index prepared by the World Bank had improved from 111 in 2014 to 29 in 2018 and that over 64 million households were given liquefied petroleum gas (LPG) connections in just three years through the Ujjwala Scheme. LPG coverage in the country has reached over 90% from 55% five years ago.

The prime minister added that there were signs of convergence between cheaper renewable energy, technology and digital applications which could expedite attainment of sustainable development goals.